Throughout July 2024, the crypto market has reversed positively after a negative landslide across the market – BCH and LTC have yet to recover. (Image from Pierre Borthiry at unsplash.com)
As of July 23rd, the Ethereum ETF was launched to little fanfare.
The Securities and Exchange Commission (SEC) approved the regulatory documentation necessary for the ETFs to launch on stock exchanges.
Some of the main issuers of the ETFs include Invesco Galaxy, Fidelity, Bitwise, Blackrock and Grayscale.
The debut of Ether ETFs was only about 23% of the BTC ETF launch last January, the first day of trading. The first day saw $1b USD in trading volume with over $106m USD of net inflow into the ETH ETFs.
While the inflow of investment is low, the market is bullish on the new ETF.
Market analysts believe that ETH will hit new highs in 2024, as permanent wallet addresses bought 714k ETH the day before the launch ($2.4b USD value). One of the biggest transfers of ETH was Grayscale, who put $1b USD into Coinbase on July 22nd. Coinbase is a custodian for 8 of the 9 new ETH ETFs.
Other institutional investors could double the price of Ether in the 6 months. Analysts believe that institutional investors will outnumber retail investors by 7%.
Open interest in ETH ETFs does not guarantee success, but it does suggest a volatile price move… in any direction. A bull run in the broader cryptocurrency market could push the value of ETH to new highs, which is possible in the coming months.
This week’s update will look at the price movements and add some insight as to why these tokens moved the way they did – Bitcoin, Bitcoin Cash, Litecoin, Tron, Ripple, Ethereum and Fasttoken.
iGaming Crypto Watch: Cryptos are back into higher grounds once again with the fear of further drops subsiding. Track back and see our previous crypto price reports to see the difference in prices starting with out iGaming Crypto Watch June 2024.
Cryptocurrency Prices
Bitcoin (BTC)
Bitcoin took a dive July 25th as traders pulled out over $250m USD as bullish bets were liquidated. These liquidations were forcefully closed by exchanges, which were leveraged positions of partial or total losses of a trader’s initial margin.
This data is a short-term indicator for cryptocurrency as it can signal price volatility. BTC hit a monthly high on July 21st of $68k USD but has come off and is currently trading at $64,311 USD.
Current BTC Price
$64,311
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $42,280 (+$22,031 / +52.10%)
- 1 Jan 2023: $16,606 (+$47,705 / +287.24%)
Bitcoin Cash (BCH)
The Bitcoin Cash price started to slide several days ago as assets from the Mt. Gox repayment program were transferred to trustees. Kraken is one of the major trustees of the distribution of assets and reported that as creditors received their allotted amounts, these were withdrawn in BTC and BCH.
This caused selling pressure on BCH and as a result the price has dropped 11% in the past 5 days. BCH is currently trading at $352 USD after hitting a daily low of $351 USD.
Current BCH Price
$352.00
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $268.03 (+$83.97 / +31.33%)
- 1 Jan 2023: $96.77 (+$297.23 / +307.15%)
Litecoin (LTC)
The selloff of BTC has caused supply pressure in the cryptocurrency market which has stalled an altcoin recovery… including Litecoin. While the altcoin market recovery is in limbo, LTC has added over 1m new addresses in the last 7 months, for a total of over 8m holders.
This could signal a potential breakout for LTC if the market bounces. LTC was relatively flat in July, down 3% and is currently trading at $68.96.
Current LTC Price
$68.96
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $74.75 (-$5.79 / -7.75%)
- 1 Jan 2023: $70.89 (-$1.93 / -2.72%)
TRON (TRX)
TRON has experienced a surge in transaction volume and has outperformed Ethereum. TRX has reported that they have surpassed a total of 8.1b transactions on their network, while ETH has exceeded over 2.45b transactions.
The TRX network boasts that the number of accounts has topped 246m, which showcases the strength of their network and the growing usage of blockchain technology. TRX is currently trading at $0.14… a yearly high.
Current TRX Price
$ 0.14
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $0.11 (+$0.03 / +27.27%)
- 1 Jan 2023: $0.055 (+$0.065 / +118.18%)
Ripple (XRP)
The Securities and Exchange Commission (SEC) are currently in talks with Ripple to settle the ongoing securities dispute and as a result, the price has been up 2% in the last 5 days. Big players in the market have bought up over 74m tokens in the last 2 days suggesting that the XRP vs SEC case is close to conclusion.
Insiders expect that a judgement will be reached in the coming week. Ripple is currently trading at $0.61 USD with strong resistance at $0.64.
Current XRP Price
$0.61
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $0.63 (-$0.02 / -3.17%)
- 1 Jan 2023: $0.34 (+$0.27 / +79.41%)
Ethereum (ETH)
Two days after Ethereum’s quiet debut of their ETF, the number 2 cryptocurrency price has dropped 8.5%. The excitement behind the launch of the ETF has dissipated and is now consolidating, a historical trend.
The market correction (and the Mt. Gox redistribution of assets) has added to the selling pressure of ETH. Other factors for the selloff may be due to a poor earnings season in the main stock markets that saw Tesla drop 13% after reporting low net profits.
There is strong resistance at $3,400 USD but if the market reverses, the next level is $3,800 USD and ETH could break $4k USD. The price of ETH is currently trading at $3,173 USD.
Current ETH Price
$3,173 USD
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $2,352.76 (+$820.24 / +34.86%)
1 Jan 2023: $1,195.51 (+$2,187.49 / +182.94%)
Fast Token (FTN)
Fasttoken has held up well against a bearish BTC. The company continues to innovate and has expanded their EVM based layer 1 solutions that include staking of FTN, block creation and validation of transactions.
It boasts over 600k transactions and over 200k holders since its launch in January 2023. The token is up almost 6% in July and is currently trading at $2.34 USD and is just off an all-time high of $2.39 USD realized on July 24th.
Current FTN Price
$2.34
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $1.38 (+$0.96 / +69.57%)
1 Jan 2023: $0.35 (+$1.99 / +568.57%)
Disclaimer: We do not offer crypto advice, and our expert Luke Weber only reports on market data he’s studied and analyzed over the past month. For crypto and trading investment advice, please visit a reputable crypto advice portal or exchange that offers sound investment advice.
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